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Rough Markets Quiet
Jun 12, 2000 4:24 PM
By Martin Rapaport
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(Rapaport...June 12, 2000) Antwerp rough markets have become very quiet as demand from Indian diamond cutters has all but shut down. A number of bankruptcies in India have rocked India's diamond/financial sector following the collapse of one informal banking firm. One Israeli firm has also gone bankrupt. The bankruptcies are creating concern and resulting in much more conservative rough buying. The slowdown in Indian rough is a bit surprising considering the strength of U.S. consumer demand for inexpensive diamond jewelry which is booming. It is possible that Indian manufacturers have produced large amounts of polished which are just now coming onto the polished market and the polished markets are still seasonally quiet. The situation should improve dramatically once orders start coming in following the very successful Vegas show.
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Tags:
India, Jewelry
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